Malaysian central bank aims to boost use of Islamic insurance
Ibrahim tells takaful providers to leave their “comfort zone”
Malaysia’s central bank of governor says it aims to boost the use of takaful, commonly referred to as Islamic insurance, by two-thirds over the next two years.
Bank Negara Malaysia will revise takaful’s legal framework to “bring greater clarity on the use of multiple sharia standards,” Bank Negara Malaysia governor Muhammad Ibrahim said in a speech in Kuala Lumpur on March 23.
Takaful is a co-operative system of reimbursement in the event of loss, which is deemed to be compliant with sharia
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